THE Ibrox club have confirmed our story that chief executive Graham Wallace is in advanced discussions to raise the emergency funds from two prominent investors - the Easdale brothers and hedge fund managers Laxey Partners.

RANGERS hope to rake in a £1.5million windfall that should ensure the club is not dragged back into financial distress.

Record Sport revealed this morning how chief executive Graham Wallace is in advanced discussions to raise the cash from two prominent investors – the Easdale brothers and hedge fund managers Laxey Partners.

It is anticipated these loans will not be repaid but converted into shares later this year, strengthening the positions of both groups at boardroom level.

The club has since confirmed our story in a statement on their official website.

The statement said: "The Board of Rangers notes the press articles (on Thursday) morning and confirms that it is holding discussions with two major shareholders with a view to arranging a loan of up to £1.5million to provide working capital for the Company.

"Documentation and terms have not been finalised, and a further announcement will be made when appropriate."

Sources inside Ibrox remain adamant the club is not on the brink of running out of money any time soon but, despite this, Wallace was in London yesterday on the latest leg of an urgent round of fundraising.

And experts in the city expect the CEO to make an announcement to the stock exchange next week, confirming that the Easdales and Laxey have agreed to pump emergency cash into the club.

A city source told Record Sport last night: “The club says it has enough cash in the bank to continue trading at the moment but clearly Wallace sees a need for fresh investment.

“In effect, the fact the Easdales and Laxey are prepared to hand over such significant sums is a show of faith in Wallace and the direction he is taking the club.

“They are taking a long-term view because the money will not be paid back quickly – it could be as much as a year down the line – and even then it will be paid back in the form of shares.

“Nothing has been signed off but a deal is close and there should be an official announcement in the next few days, probably early next week.”

Craig Williamson/SNS Group

Rangers' shareholders James Easdale (left) and his brother Sandy

The arrangements are expected to be ratified and rubber-stamped at a board meeting scheduled for today.

While Rangers insist their financial position is stable, there have been huge concerns about the club’s continued solvency ever since former financial director Brian Stockbridge predicted there would be just £1m left in their account by April this year – despite having raised £22m from an IPO in December 2012.

These worries were heightened recently when Wallace floated the idea of asking Ally McCoist’s first-team squad to accept 15 per cent pay cuts.

The club have still to put an exact figure on the expected shortfall in funding between now and the end of the season but it’s believed to run into millions.

In fact, former director Dave King has expressed his belief the club could be facing a second insolvency event in just two years and has offered to pump some of his own money into Ibrox in return for a position of power in the boardroom.

As we revealed on Monday, King was still attempting to engage with the board last Friday – the anniversary of the day former owner Craig Whyte plunged the club into administration.

But King’s overtures have been consistently resisted by the current regime. It’s understood James and Sandy Easdale and Laxey boss Colin Kingsnorth are dead against any deal that might see their power base diluted.

Other leading shareholders, such as the mysterious Blue Pitch and Margarita Holdings, are also thought to be opposed to King’s involvement.

Sandy Easdale has even been credited by some inside Ibrox for helping Wallace to pull this alternative cash injection together.

Rangers can also expect a cheque in excess of £1m early in the spring as part of their merchandising deal with Mike Ashley’s Sports Direct.

Our city source said: “Obviously the club will be looking to bring in as much cash as it can get in the short to medium term before the season-ticket renewals start to come in later in the year.”